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Whole life insurance new York Life or Metlife? which is better; I am 49 years old, buying $500K?

Public Comments

1. Life insurance is a very bad investment. If you can afford a 500k policy, you can find a much better way to invest your money. [unless of course you have criminal intentions].
2. compare them
3. Check out A.I.G.UNIVERSAL LIFE PLAN..........
4. The fees in these policies are no different than the ones from your VUL. What you really need is a smaller UL policy, like 100k, that you overfund, and then get a term rider for the other 400k until the cash value of the ul is at 500k. That will minimize your expenses, and give you the insurance protection. NYL and Met are good companies, but they have career agents, and they are paid quite well.
5. Neither. They are both very expensive, especially for someone your age and for that amount of coverage. You could expect to pay at least $6000/year for a whole life policy. I would get a 20 year to 30 year term. If you don't have an IRA, get one.
6. Life insurance with cash value don't pay out cash value when you die! They say its a good way to build savings! How is that so if you lose it all and it doesn't go to anyone when you die? People say you can borrow it. Why do I want to borrow my own money that I paid for? Cash value = scams!
7. 1) I knock NY Life and MetLife out of competition all the time. Their products typically are not competitive in the wealthy markets. They rely on NAME RECOGNITION and not SUBSTANCE. 2) The companies don't matter much, so long as they are highly rated, and there are many. What matters is the product structuring itself, which 99% of agents don't understand. 3) Term is a temporary answer. It is dirt cheap for what it is because it doesn't pay out frequently. This is obvious as a business matter, because a company cannot charge $1000 per million of coverage for something they pay death claims on frequently. 3) If you need a permanent solution, term is useless. The conversion options are restricted typically to whatever products the company wants to offer you at that time. Please bear this in mind: Insurance companies are all screw artists. I am a broker who does tremendous business in the Northeast, and I tell it how it is. If you need help from an EXPERT, let me now. Remember, the contract is what it is important. You are only buying that. Cash Value is useless because once you take cash out, you compromise the contractual guarantees. Insurance people are typically very low level individuals. Don't be fooled...